For many, Trump's decision on Tuesday to pull out of the landmark nuclear deal marked the final death knell for the hope created when it was signed in 2015 that Iran might finally escape decades of isolation and U.S. hostility.
Meanwhile, the US government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard. India had then persuaded the US that it would scale down imports from Iran instead of stopping them totally.
"European companies are more exposed to the US market, they must comply not to get into trouble". Trump visited Saudi Arabia after taking office and agreed to sell a massive volume of weapons to the country.
"We are closely monitoring the developments".
German Chancellor Angela Merkel, as quoted by local media, accused the United States of undermining the international order by its decision to exit the UN Security Council-endorsed Joint Comprehensive Plan of Action (JCPOA) that governs Iran's nuclear program.
A decline in volumes due to the sanctions will add to upward pressure on oil prices, which have gained this year because of an OPEC-led supply-cutting deal and strong global demand.
If this new round of sanctions has anything close to the same impact as the last round of sanctions, we could be talking about another 1 million barrel per day hit to global oil production. "The answer is no.", he said.
In January, grassroots protests spread like wildfire and for the first time, angry crowds burned pictures of the previously untouchable supreme leader.
There is some chatter in the markets suggesting Kuwait and Iraq as two producers with the best ability to raise output quickly in response to any fall in Iranian exports.
As they grapple with the short-term threat of U.S. sanctions, European officials are debating how to protect the bloc in the long term against the overseas reach of American law.
Igor Delanoe said that Russia had a "real role to play" in Iran's energy and electricity sectors.
All the risks for the oil price remain in the short time on the "upside". Crude has topped $78 a barrel, the highest since 2014, following Trump's sanctions announcement.